Landlord's insurance

Landlord's insurance

What is Landlord's Insurance?

Landlord insurance is a type of coverage that protects rental property investments from liabilities that may come up. Some of the common coverages include:

  • Dwelling coverage (ie. any damage to the physical structure itself)
  • Landlord property coverage (ie. an AC unit owned by the landlord)
  • Accidental liability coverage (ie. any injuries on the property)
  • Loss of rent coverage (ie. if there's a fire or emergency and the unit cannot be rented out)

Depending on your selections, landlord insurance likely won't cover tenant belongings. Thus, it's advisable to ask your prospective tenant to obtain renter's insurance on their own. This way, in the event there are issues, the renter's own insurance would cover their items.

Can I use Homeowners insurance instead of Landlord's insurance?

Given that landlord insurance is often 25%+ more expensive than traditional homeowner's insurance, it's common to ask if it's possible to use homeowner's insurance in place of landlord insurance. The truth is, depending on your coverage, homeowner's insurance won't suffice.

Homeowner's insurance is built for owners who use the dwelling as their primary residence. Thus, any tenant-caused claims will likely be denied.

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